Immunomedics Inc., Celtrix Laboratories Inc. and VertexPharmaceuticals Inc. on Wednesday announced THE completionof their public stock offerings.
Vertex, a Cambridge, Mass.-based rational drug designcompany, sold an initial public offering of 3 million shares ofstock at $9 per share. Vertex had hoped for $13 to $15, butreduced the price due to market conditions, said Richard H.Aldrich, vice president of business development. The stock(NASDAQ:VRTX) closed at $9 on Wednesday.
Immunomedics sold 2.2 million shares at $7. The Warren, N.J.,developer of monoclonal antibodies had hoped to sell 2.5million shares. "The funding window isn't open the way it wasa couple of months ago," said Amy Factor, vice president offinance. The stock (NASDAQ:IMMU) closed at $7, down 63 cents.
Celtrix of Palo Alto, Calif., sold 2.1 million shares at $8.75.The company is developing products based on transforminggrowth factor beta. The stock (NASDAQ:CTRX) closed at $9,down 25 cents. -- Karen Bernstein
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